“量价齐飞”！世界黄金协会：三季度全球黄金需求创新高

Group 1 - The core point of the article highlights that global gold demand reached a record high of 1313 tons in Q3 2025, driven by a surge in investment demand, marking a 3% year-on-year increase [2] - The World Gold Council (WGC) reported that the price of gold has risen by 50% this year, reaching a historical peak of $4381 per ounce on October 20, influenced by geopolitical tensions and uncertainty in U.S. tariff policies [2] - Investment demand is expected to remain optimistic due to a weakening dollar, rising interest rate cut expectations, and threats of stagflation, indicating that the gold market has not yet reached saturation [2] Group 2 - Demand for gold bars and coins increased by 17% year-on-year, primarily driven by markets in India and China, while inflows into gold-backed exchange-traded funds (ETFs) surged by 134% [3] - In contrast, global gold jewelry manufacturing demand fell by 23% year-on-year to 419.2 tons, as high gold prices dampened consumer purchasing willingness [3] - Central banks' gold purchases increased by 10% year-on-year in Q3, totaling 219.9 tons, with a cumulative purchase of 634 tons from January to September 2025, significantly higher than pre-2022 levels [3] Group 3 - On the supply side, gold recycling increased by 6% year-on-year, and gold mine production rose by 2%, contributing to a record high in global gold supply for the quarter [4]